June 14, 2018 / 3:27 AM / in 7 days

Morning News Call - India, June 14

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    FACTORS TO WATCH
    12:00 pm: Government to release May wholesale price inflation data in New
Delhi.
    
    TRADING INDIA FORUM - INDIA'S AIR TRAVEL SECTOR
    Despite a falling INR, Indian travellers seem to be continuing with their
foreign vacations. We speak to Sharat Dhall about how he thinks the trend might
continue and probable sectors that might benefit at 1100 am IST. Sharat is the
COO of Yatra.com and was previously the MD at TripAdvisor India. To join the
conversation, click on the link: here
    
    LIVECHAT - FED FOCUS
    Jim Walker, founder and managing director at Asianomics, joins us to preview
the outcome of Fed's June policy, and what Chairman Jerome Powell's statement
signals for the future rate path. Walker will also provide perspective for
markets from the point of view on trade wars at 0930 am IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    Mind the gap - Thyssenkrupp in value struggle with Tata Steel
    Germany's Thyssenkrupp and India's Tata Steel are struggling to get the
planned merger of their European steel operations on track due to diverging
values of their businesses, people familiar with the matter said.
    Fortis Healthcare pulls out of amalgamation scheme with Fortis Malar, SRL
    Fortis Healthcare on Wednesday withdrew the scheme of arrangement and
amalgamation with its units Fortis Malar Hospitals and SRL, citing a delay in
its completion.
    Fine Organic $89 mln IPO to open on June 20
    Additives maker Fine Organic has set a price range of 780 rupees-783 rupees
a share for an initial public offering that will open on June 20, according to a
public notice on Wednesday.
    
    
    GLOBAL TOP NEWS
    Trump to meet with top trade advisers on activation of China tariffs -source
    U.S. President Donald Trump will meet with his top trade advisers to decide
whether to activate threatened tariffs on billions of dollars in Chinese goods,
a senior Trump administration official said.
    China May industrial output weaker than expected, investment, retail sales
stumble
    China reported weaker-than-expected activity data for May, adding to views
the economy is finally starting to slow under the weight of a prolonged
crackdown on riskier lending that is pushing up borrowing costs for companies
and consumers.
    Comcast offers $65 billion to lure Fox from Disney bid
    Comcast offered $65 billion on Wednesday to lure Twenty-First Century Fox
away from a merger with Walt Disney, setting up a bidding war between two of the
largest U.S. media companies with its 20 percent higher offer.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.2 percent at 10,822.
    • The Indian rupee is expected to open higher against the dollar as renewed
trade war worries hurt the outlook for the U.S. currency, overshadowing the
Federal Reserve’s hawkish stance.
    • Indian sovereign bonds will likely fall in early trade, with the benchmark
yield set to touch 8 percent, as the U.S. Federal Reserve raised interest rates
on Wednesday were as expected, but hinted at two more rate increases in 2018.
Yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in
a 7.94 percent - 8.01 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended a choppy session lower on Wednesday after the U.S.
Federal Reserve raised interest rates as expected and projected a slightly
faster pace of rate hikes this year.
    • Asian shares edged down after the Federal Reserve raised interest rates
and took a more hawkish tone in forecasting a slightly faster pace of tightening
for the rest of the year, while concerns about U.S.-China trade frictions kept
investors on edge.
    • The dollar slipped back from three-week highs against the yen, quickly
erasing gains made after the Federal Reserve took a slightly more hawkish policy
tone in signalling two more rate hikes by year-end thanks to a solid outlook for
the world's biggest economy.
    • U.S. Treasury yields rose on Wednesday after the Federal Reserve raised
interest rates as expected, and signaled two more hikes this year, citing higher
inflation.
    • Oil prices eased, dragged down by rising output, although strong demand
and a drop in U.S. fuel inventories provided the market with some support.
    • Gold prices inched lower as the Federal Reserve forecast two more U.S.
rate increases this year after raising rates on Wednesday, although lingering
worries over trade tensions between Washington and Beijing prevented steeper
losses.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.61/67.64  June 13          -$10.46 mln   -$208.9 mln
 10-yr bond yield  8.1 pct      Month-to-date    $40.17 mln    -$583.56 mln
                                Year-to-date     -$204.48 mln  -$4.81 bln
 
       
    For additional data:
    India govt bond market volumes                 
    Stock market reports                
    Non-deliverable forwards data              
    Corporate debt stories               [IN CORPD]
    Local market closing/intraday levels [IN SNAPSHOT]
    Monthly inflows                      [INFLOWS RTRS TABLE IN]
 
    
($1 = 67.6400 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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